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The primary difference between cryptocurrency and traditional paper cash is that cryptocurrencies are not managed by any kind of central governmental authority.
Kennesaw State University professor Khawaja Saeed, chair of the Department of Information Systems, detailed the rapid expansion of cryptocurrencies around the globe to Rome Rotary members.
The KSU professor called Bitcoin the genesis cryptocurrency, though there are many other forms computer cash. In fact, as of April 2021 there are more than 10,000 cryptocurrencies around the world.
Saeed explained that cryptocurrency was created out of anger during the Great Recession a little more than a decade ago. People were not happy with the crash and wanted to create a separate financial system.
Unlike a bank or other financial institution that is the custodian of someone’s cash, cryptocurrencies are a digital system that provides a record of ownership and the ability to transfer that ownership.
“In the crypto space, you do not have any single institution, it’s a distributed system that is owned by millions of people around the world,” Saeed said. “When a data file (a transaction) is created, it is distributed across millions of computers across the platform.”
“In a traditional (banking) system, if it goes down, you can’t retrace those (transactions),” Saeed said. “If you shut down half of Bitcoin’s computers, it will still operate because the other half will still have the same level of record.”
In order to buy a cryptocurrency ... well, there’s an app for that.
Applications like Coinbase or Robinhood allow people to trade cryptocurrencies in an exchange market — think stocks.
Bitcoin mining is a two fold process. Computers solve complex math problems on the Bitcoin network and as a result produce new bitcoin. And by solving computational math problems, miners keep the network trustworthy and secure by verifying transaction information.
The bitcoin system can be hacked, however Saeed explained that the system uses a very sophisticated encryption system.
“I am not going to say it’s foolproof,” Saeed said.
Financial advisor Bruce Hunter said while the system could be hacked, a ledger that is validated in every transaction remains in place.
“If (your) whole network goes down, you’re not erasing everything. It’s on multiple computers, in total agreement, all the way back to 2011,” Hunter said.
Japan became one of the most important countries to recognize bitcoin as legal tender in 2017, which helped push the value of the currency higher.
Bitcoin will be considered a legal form of currency in the U.S., alongside its primary currency the dollar, after Sept. 7. A single bitcoin was valued at $32,428 at midday Thursday.
“These currencies are going to keep on evolving, but those (traditional) currencies are not going away any time soon because governments have too much stake invested in them,” Saeed said.


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Best Sales Since 2007 Overshadowed by GM’s Unsold Pickups
The best year for U.S. auto sales since 2007 hasn’t been enough to boost General Motors Co. (GM)’s shares. One reason is dealership lots such as Dave Gill Chevrolet in Columbus, Ohio, that are overstocked with trucks.
GM said it entered July with more than five months’ supply of full-size pickups, the most since April 2009, according to researcher Ward’s Auto. This isn’t entirely accidental: Detroit-based GM wants a stockpile to carry it through the change to a new design next year. That plan may backfire if the segment’s sales remain below those assumed at the start of the year.
“I don’t know what our store’s days’ supply is; it’s probably embarrassingly high,” Matt Ringlien, a sales manager at the Chevy store in Columbus, said in a telephone interview. The dealership is frequently selling pickups for less than it paid to GM “just to be competitive with our market,” he said.
Chris Ceraso, analyst at Credit Suisse Group AG, said this month that GM, already offering heavy truck discounts, may have insufficient demand that leads it to cut production as pickup sales lag the rest of the market. In the U.S. auto market, on pace to exceed 14 million sales for the first time in five years, slow-selling pickups are a rare weak spot.
A lot is at stake with full-size pickups. GM and Ford Motor Co. (F), which makes more money on F-Series pickups than any other model, could use a stronger rebound in truck sales to divert investors’ eyes from European units that are piling up losses.
GM gained 1.8 percent to $19.71 at the close in New York. Ford gained 1.5 percent to $9.24. GM’s $18.80 close on July 25 was the lowest since its November 2010 initial public offering. Ford has declined 14 percent this year.
U.S. light-vehicle sales probably rose 11 percent in July to 1.17 million, the average estimate of 11 analysts surveyed by Bloomberg. Industrywide deliveries climbed 15 percent in 2012’s first six months to 7.27 million, according to Autodata Corp.
Investors should focus on the percentage change in vehicle sales this month rather than the seasonally adjusted annualized rate, or SAAR, Rod Lache, a Deutsche Bank analyst, wrote in a July 24 report. Analysts said their estimates for the closely watched rate were skewed this month because they were made without updated seasonal factors from the U.S. Bureau of Economic Analysis.
Without the government-issued seasonal adjustments, analysts used differing methods to calculate their sales rate estimate. Barclays Plc (BARC) analysts used seasonal factors from July 2011 and discounted them by 4 percent to reflect fewer selling days. Credit Suisse’s Ceraso used seasonal factors from July 2007, the last July until this month with 24 selling days.
The SAAR may match the second-quarter selling pace of 14.1 million, according to 16 analysts’ average estimate. Analysts’ estimates for SAAR ranged from 13.8 million to 14.3 million. The median estimate of 40 economists surveyed by Bloomberg was 14 million (SAARTOTL) in a separate survey.
The sales rate slowed in the second quarter from 14.6 million in the year’s first three months, said David Lucas, vice president of Autodata in Woodcliff Lake, New Jersey. The July 2011 pace was 12.2 million.
Full-size pickups probably accounted for less than 11 percent of industry deliveries in July, according Credit Suisse’s Ceraso and Deutsche Bank’s Lache, who wrote that he was “a bit disappointed that truck mix has not accelerated faster.” Big pickups accounted for 13.5 percent of the U.S. market from 2000 to 2007 on average, according to Autodata.
GM’s July deliveries probably rose 2.1 percent, the average of 11 analysts’ estimates. The automaker introduced an offer on July 10 for no-haggle pricing on 2012 Chevrolet cars and trucks plus a money-back guarantee on all new Chevys to clear out end-of-model-year vehicles. That may help clear 2012 model year Silverados, Ceraso said July 12.
“If GM’s market share does not improve meaningfully, we could see the automaker cut 3Q12 pickup truck production by more” than researcher IHS Automotive’s estimate of an 18 percent reduction from the second quarter, he wrote.
GM faces the prospect of disappointing U.S. truck sales as the automaker addresses other issues, including continued losses in Europe and the sudden resignation of Joel Ewanick, the company’s global marketing chief, who had halted advertising on Facebook Inc. (FB) and next year’s Super Bowl while signing up with English Soccer teams Manchester United and Liverpool.
A rebound in the housing industry is reason to be optimistic that full-size pickups will improve in the second half, according to AutoNation Inc. (AN), the largest U.S. new-vehicle retailer. Pent-up demand that helped fuel the U.S. auto market’s growth since industry sales fell to a 27-year low in 2009 is starting to show in the housing market, Mike Jackson, chief executive officer of AutoNation, said in a July 19 interview.
Housing starts rose 6.9 percent to a 760,000 annual pace in June, the highest level in almost four years, the Commerce Department said July 18 in Washington. Confidence among U.S. homebuilders increased in July by the most since September 2002, the National Association of Home Builders/Wells Fargo index showed on July 17.
“GM wants to be safe and provide dealers with inventory they need given the same economy and marketplace or an improving one,” Tom Libby, an analyst for R.L. Polk & Co. in Southfield, Michigan, said in a telephone interview.
The automaker also has been building extra inventory to account for suspending production at its four full-size truck plants for a combined 29 weeks to prepare them to make a redesigned pickup that begins sales next year.
“We certainly have enough trucks to make it until the new ones arrive,” said Ringlien, the Ohio dealer. “Early in the year, people were concerned there was going to be a shortage. But I don’t see that to be the case.”
The new trucks will be aimed at Ford’s F-Series, the top-selling vehicle line in the U.S. for 30 years. Ford probably increased sales by 0.8 percent in July, the average estimate of 11 analysts.
Ford is counting on F-Series and new models this year such as the Escape sport-utility vehicle and Fusion sedan to boost results after lowering its outlook for full-year profit on July 25. The Dearborn, Michigan-based company no longer forecasts total pretax operating profit to equal last year’s $8.8 billion because losses in Europe will widen to more than $1 billion.
Japan-based automakers Toyota Motor Corp. (7203) and Honda (7267) Motor Co., which lost production after the March 2011 earthquake and tsunami in their home country, probably led the industry with the biggest year-over-year sales increases in July.
Honda may top the rest of the industry with a 41 percent gain in July sales, followed by Toyota’s 25 percent increase, the average estimates of eight analysts.
Vehicle shortages for Toyota and Honda sapped inventories for other automakers last year and deterred some buyers who waited for better selection of models.
U.S. auto sales are on pace for the best annual total since 2007. With the Europe’s auto market declining a fifth-straight year and dragging on earnings for GM, Ford and Chrysler Group LLC’s majority owner Fiat SpA (F), the automakers are counting on steady demand in the world’s second-largest market to offset losses in other regions.
Chrysler probably will lead the U.S. automakers with a 14 percent sales increase in July, the average of 10 estimates. The Auburn Hills, Michigan-based carmaker is running a national promotion this month for all vehicles in its lineup that lets buyers defer monthly payments for the first 90 days after purchase.
“We don’t see a slowdown in the second half of the year” for the U.S. market, Richard Palmer, Chrysler’s chief financial officer, said today on a conference call after the company reported second-quarter profit of $436 million.
The automaker controlled by Turin, Italy-based Fiat led major automakers in incentive spending during the first six months, increasing promotions by 7.4 percent to $3,258 per vehicle, according to Autodata.
Chrysler, Ford and GM benefited last year when the Japan tsunami and floods in Thailand disrupted auto production and sapped supply of Tokyo-based Honda’s best-selling models. Toyota rebounded in the U.S. and globally, putting the automaker on pace to outsell GM and Volkswagen AG (VOW) and reclaim its title as the world’s top seller.
Toyota’s global sales rose 34 percent in the first six months of the year to 4.97 million, leading GM by 300,000 and Volkswagen by 520,000 deliveries. GM global deliveries rose 2.9 percent to 4.67 million during the first half while Volkswagen sales increased 8.9 percent to 4.45 million.
Volkswagen, which set a target of more than 500,000 vehicle sales in the U.S. this year, may have increased combined deliveries of its Volkswagen and Audi brands by 23 percent in July, the average of four analysts’ estimates. The two brands boosted sales by 28 percent to 340,372 in the first half.
Nissan Motor Co. (7201), beginning to sell its redesigned Altima sedan, may report a 15 percent gain in deliveries for the month, the average of eight estimates.
South Korea’s Hyundai Motor Co. (005380) and Kia Motors Corp. (000270) may combine to sell 0.9 percent more vehicles in July than a year earlier, the average of six analysts’ estimates. The Seoul-based automakers combined to increase deliveries by 14 percent this year through June, according to Autodata.
The following table shows estimates for car and light-truck sales in the U.S. Estimates for companies are a percentage change from July 2011. Forecasts for the seasonally adjusted annualized rate, or SAAR, are in millions of light vehicles.
July had 24 selling days, two fewer than the year-earlier period.
GM Ford Chrysler SAAR Rod Lache -0.9% -0.2% 14% 14.0 (Deutsche Bank) Peter Nesvold 8.9% 5.3% 18% 14.1 (Jefferies) Patrick Archambault 4.9% 6.1% NA 14.0 (Goldman Sachs) Joseph Spak 1.5% 0.3% 14% 14.0 (RBC) Brian Johnson -0.8% 1.8% 16% 14.2 (Barclays) Emmanuel Rosner -0.4% 1.1% 11% 14.3 (CLSA) Chris Ceraso 0.5% 1.2% 13% 13.8 (Credit Suisse) Ryan Brinkman NA NA NA 13.9 (JPMorgan) John Sousanis 8.2% -3.0% 8.4% 14.1 (Ward’s) George Magliano NA NA NA 14.1 (IHS Automotive) Jeff Schuster NA NA NA 14.1 (LMC Automotive) Alan Baum NA NA NA 14.1 (Baum & Associates) Jessica Caldwell -0.3% -2.5% 9.2% 14.0 (Edmunds.com) Jesse Toprak 0.3% -1.1% 18% 14.1 (TrueCar.com) Alec Gutierrez 1.5% -0.3% 16% 14.0 (Kelley Blue Book) Average 2.1% 0.8% 14% 14.1 The following table shows selling-day adjusted estimates for company car and light-truck sales as a percentage change from July 2011. GM Ford Chrysler Rod Lache 7.2% 9.2% 25% (Deutsche Bank) Peter Nesvold 18% 14% 28% (Jefferies) Patrick Archambault 14% 15% NA (Goldman Sachs) Joseph Spak 10% 8% 24% (RBC) Brian Johnson 7.4% 10% 25% (Barclays) Emmanuel Rosner 8.0% 9.5% 20% (CLSA) Chris Ceraso 11% 9% 26% (Credit Suisse) Average 11% 11% 25%
To contact the editor responsible for this story: Jamie Butters at email@example.com

domain: news


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I was hesitant to write this story when the concept first came to my attention as I did not want to give people any ideas. I was hopeful that Facebook would make adjustments to this without anyone have to blow the whistle, but it’s been live for a little while now and there are no changes in sight.
The Facebook founder discusses the last 7 amazing years during which Facebook has grown to a multi-billion dollar juggernaut of a company. With the upcoming IPO expected early next year and with Google+ making a push into their territory, it’s important for Facebook’s enigmatic CEO to leave his comfort zone and hit the interview circuit.
Bebo, a hugely popular social networking website for the people in the UK, has partnered with several traditional media sources, including BBC and CBS.
It will be used primarily as a marketing platform for traditional broadcasters to help reconnect with Bebo’s 40 million users, specifically the so-called “lost TV generation” of 13 to 24-year-olds who make up the social networking site’s core audience. Their goal is to fill the void of how to deliver on-demand programming via internet and mobile devices.
Bebo has joined the flock of several (more…)


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By Kwai San Wong, Equity Analyst at Sarasin & Partners
China’s recent crackdown on internet companies has alarmed investors, sending their stock prices tumbling. What is the likely impact of these new regulations? Are Chinese internet companies still investable?
Over the past six months, there has been a major regulatory reset in the Chinese internet sector. Certain events, such as the anti-trust investigation and the subsequent fine of Alibaba, the Cyberspace Administration of China’s probe of ridesharing company Didi Chuxing, and the shutdown of after-school tutoring have triggered a market sell-off. As a result, China’s internet sector has significantly underperformed US big tech since February 2021, with both Hong Kong and Chinese indices seeing sharp falls.
Having allowed the internet sector to innovate and develop in the past decade, China has now started to regulate it. This is not a bad thing. While we are firm believers in the power of digitalisation – one of our five themes – to shape our future and transform our lives, the internet sector has had no shortage of ESG issues.
The transformation to a digital world has brought about a number of societal challenges, such as data privacy, algorithm bias, addiction, platform responsibilities, anti-trust, tax, and unconventional governance. In the US, Amazon, Apple, Facebook and Google have all grappled with these issues amid widespread scrutiny. Chinese internet companies are no different.
In China, companies such as Alibaba, Meituan and JD had used various tactics to ensure merchants stayed exclusively on their platforms, violating China’s anti-trust principles. Netizens have complained about the practice of discretionary pricing, where platform companies (such as Meituan, Alibaba, Ctrip and Didi) allegedly use big data and algorithms to provide different prices to different users.
Another issue is the illegal over-collection and use of personal data, with Chinese regulators calling out a number of apps, developed by Bytedance, Kuaishou, Baidu, Tencent and Alibaba, in May this year. The issue of closed platforms is also a problem in China, with Tencent and Alibaba’s eco-systems closed to each other. Predatory pricing – where platform companies give heavy subsidies to users to drive out competitors, and subsequently put up prices again once the industry is consolidated – is also allegedly common in the Chinese internet space.
We believe the government’s increasing concern over these ESG issues, together with a number of domestic and international events (e.g. Jack Ma’s criticism towards financial regulations, China’s desire for semiconductor localisation following US technology bans and political transition to Xi’s third term in 2022), have unleashed the current regulatory cycle.
What the Chinese government wants to achieve
We believe there are two main driving forces behind the current regulatory cycle in China. Firstly, after declaring victory in eradicating poverty early this year, President Xi has shifted the focus to “common prosperity”, with the aim of closing the gap between the rich and the poor. Secondly, China has declared 2021 to be the year it will “prevent the disorderly expansion of capital”. China’s internet sector has raised billions of dollars in the past decade, and the government is keen to ensure that this capital is not used to power monopoly, promote rent-seeking, harm merchants or abuse users.
The Chinese government has now initiated regulations and investigations in multiple areas. Alibaba and Meituan have faced anti-trust investigations and committed to making changes; Didi, which collected sensitive personal data on trips and travels, is now subject to a cybersecurity review. Tencent and other companies have been asked to rectify their data collection practices.


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Unilever Nigeria has officially opened its state-of-the-art Blue Band factory at Agbara Industrial Estate, Ogun State. Built with innovative manufacturing technology, the factory complements government’s efforts at boosting local investment and making significant contributions to the nation’s economic growth and development.
During the launch, The Executive Vice President, Unilever Ghana Nigeria, Yaw Nsarkoh, said that the Blue Band factory is the latest addition to the various long-term investments Unilever has made in Nigeria, which would not have been possible without the support of all its stakeholders.
“Prior to the siting of this factory we have also had cause to exploit economies of scale and ensure consistent access to reliable sources of raw material input. I am delighted that the result of our painstaking efforts and the support we enjoy from our stakeholders has led to the commissioning of an ultra-modern Blue Band factory today.” He said.
Speaking further, Yaw said that to sustainably serve our consumers, the new Blue Band factory is equipped with the Fast Blending technology. This technology uses 50% less energy compared to other manufacturing processes that utilize heat exchangers. This recapitulates our commitment to decouple the growth of our business from environmental impact.
Commending Unilever Nigeria at the launch, the Governor of Central Bank of Nigeria, Godwin Emefiele, described Unilever as a company that has shown and demonstrated confidence in the Nigerian economy through its continuous investment drive in the country. “The siting of this factory could not have come at a better time than this. With this development, you have shown resilience amidst the challenges that you face in running a business of this size. I commend you for this initiative and as a government, we will continue to make deliberate efforts to support and encourage companies to invest in Nigeria through our policies. This is the only way we can grow this economy and create employ opportunities for Nigerians.” He said.
Also, speaking at the launch, the Executive Governor of Ogun State, Senator Ibikunle Amosun, said, “We must commend the efforts of Unilever Nigeria for their unrelenting resolve and commitment to Nigeria’s economy through their investment activities. There is no doubt that this will impact on the socio-economic development of the nation as a whole.”
Blue Band, is a trusted and ideal brand among families for spreading on bread, cooking and baking. With the production of the product locally, its availability will be enhanced to meet the needs of consumers and customers.


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Lariat Partners ("Lariat"), a Denver based private equity firm, announced today that it has made a significant investment in Willowood USA, a leading manufacturer of generic crop protection products. Full investment news article


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EuroLife Brands Inc (CSE:EURO) (OTCMKTS:EURPF) (FSE:3CMA) has told investors it is keen to get into the mushroom superfood sector in Europe in the same way it entered the cannabis and hemp marketplace.
Traditional mushrooms are rich in nutrients such as potassium, calcium, amino acids, fiber, and vitamins B & D, which are known to improve antioxidant activity in the human body.
The firm cited one research report, which suggested that the medicinal mushroom market could reach US$78.8 billion by 2025, growing at a compound annual growth rate (CAGR) of 9.5% during the forecast period between 2018 and 2025.
"Similar to how we approached the cannabis and hemp marketplace from an educational forward perspective, we aim to mirror this strategy in the mushroom superfood segment," Shawn Moniz, the CEO and president of EuroLife said in a statement.
"Our formative years in the cannabis space taught us that the educational component in a burgeoning sector was of utmost importance in assuaging consumer concerns.
"We believe that a similar educational void exists in the mushroom superfood segment and even more so on the medicinal side where utilization of properties such as psilocybin is slowly gaining traction as an investigative means for a variety of mental health-related conditions," he added.
The company said that in conjunction with its network of cooperative partners, referred to as the European Associates Retail Network, it has been exploring additional areas within the Health and Wellness segment that could both supplement and complement its current roll-out plans in the hemp and hemp products space.
Using its Cannvas.me technology platform, EuroLife will aim to get together educational content about the use of mushrooms as superfoods and in various burgeoning applications for medical use.
It is a busy spell for the firm. Last week it announced a C$5M all-paper deal to buy CWE European Holdings Inc, a firm which operates a seed-to-sale hemp CBD business in German-speaking countries in Europe.
CWE, which would become a subsidiary of EuroLife, owns and operates HANF Hemp Stores in Germany and Luxembourg and aims to become one of the largest CBD hemp retail and online retailers in central Europe. HANF offers more than 300 products from the world of hemp.
Contact the author at [email protected]


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Hard to Get a Flight to Egypt? Ministry of Tourism and Antiquities Just Launched its Virtual Tour Collection of Egypt’s Landmarks
“Dream now, travel later! We invite your soul and mind on a trip to Egypt.” In these words, Egypt’s Ministry of Tourism and Antiquities announced launching its virtual tours to a collection of Egyptian landmarks across the country.
These tours come as a part of the Ministry’s initiative to slow the spread of the new coronavirus pandemic and encourage people to stay home. Anyone at any place in the world can explore Egypt through these tours, and they are available in both languages Arabic and English.
All of the 3D virtual tours are presented in collaboration with Egypt’s Ministry of Communications and other scientific and archaeological institutions. And every day at 8 PM, a new tour is being available on the ministry’s website as well as its social media platforms.
Prior to posting the tour, the Ministry of Tourism and Antiquities announces a brief about the place, and since the beginning of April, it has taken us to more than eight archeological sites from different eras starting from the great Pharaonic era to the Coptic and Islamic ones.
In addition to the virtual tours of the archeological sites, the Ministry of Tourism has also launched guided tours to Egyptian museums. They started with the Egyptian Museum in Tahrir Square, and two Egyptian tour guides are talking about some of the museum’s special pieces in a series of short videos.
The guided tours are being posted every Thursday, Friday, and Saturday and they are set to continue until the end of the quarantine time.


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Breaking News: Jean-Frédéric Dufour named CEO of Rolex
The word just got out that Rolex trusted its helms in the hands of Jean-Frédérique Dufour, 45 years old, the former general manager of Zenith (LVMH). Rolex did not release any press release, although its employees were informed Monday morning of the change.
Jean-Claude Biver, general manager of the watch division at LVMH, declared to the Swiss newspaper, Temps that it is “… absolutely fantastic for him. He will be sitting on the throne of Swiss horology”.
It was in 2009 that Jean-Frédérique Dufour took over the general manager position at Zenith and before that he was working at Chopard, Blancpain and Ulysse Nardin. While at Zenith, the company has known a fourfold increase in production, reaching sales of CHF 200 million. This is far away of the numbers speculated about Rolex, somewhere between three to five billion Francs.
Jean-Frédérique Dufour is the fourth CEO of Rolex since 2009 and considering his age and vast experience, we’re looking forward to see the impact he’s going to have on the brand with the crown.
More about this change (article in French): Jean-Frédéric Dufour aux commandes de Rolex


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MUMBAI: Speculation was that if B. Sai Kumar goes, there was very little chance that Ajay Chacko - his deputy and COO of the Network 18 group would stay on. And the prediction has proved to be true. Chacko apparently has put in his papers too, leaving the Network18 group without any leadership, apart from founding/controlling shareholder and managing director Raghav Bahl.
The 40 year old Chacko’s role was to ensure operating efficiencies and margins across businesses of the Network18 group, according to the company’s website. Ajay also served as the president of A+E Networks TV18, a joint venture between TV18 and A+E Networks, where he was responsible for the operational, strategic and financial management of the joint venture and its suite of channels and services.
Both Sai Kumar and Chacko formed a formidable team at Network18 and were instrumental in supporting Bahl and former CEO Haresh Chawla in their aggressive growth at the Network18 group. Sai Kumar had stepped into Chawla’s shoes in 2011 and he and Bahl relied heavily on Chacko. Hence, he was empowered with responsibility and growth opportunities at the group.
He had earlier led many of the group’s businesses such as CNBC-TV18, CNBC Awaaz and Forbes India and was instrumental in their ascendency as market leading media brands in the country. Ajay has also led the group’s efforts in the business media domain as well as the successful launches of key digital properties of Network18.


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US: Chico’s to discontinue Fitigues line as Q4 profit tumbles 59%
Years of almost uninterrupted expansion came to an abrupt halt Tuesday (6 March) as Chico's FAS reported a steep decline in fourth-quarter profits and a dip in February same-store sales and said it would discontinue its Fitigues division and slow the growth of its Soma intimate apparel unit.
The Fort Myers, Florida-based women's specialty store company also made a series of management appointments, highlighted by the promotion of Patricia Darrow-Smith to president of the White House|Black Market brand, of which she is co-founder.
Additionally, Michele Cloutier was named chief merchandising officer of the Chico's brand and Michael Leedy became executive vice president and chief marketing officer of the company.
In the 14 weeks ended 3 February, Chico's had net income of US$18.2m, or 10 cents a diluted share, 59.1% below the $44.5m, or 24 cents, registered during the 13-week 2005 quarter. The more recent figure includes a 3-cent-a-share charge related to plans to close the Fitigues brand during the current quarter, without which, the company said, EPS met previous quarterly guidance.
Net sales were up 18.8% to $446.3m from $375.7m a year ago. Comparable-store sales at company-owned units were off 2% during the quarter, with both Chico's and White House|Black Market finishing at that level. Gross margin declined to 54% of sales from 59.4% in the 2005 quarter.
"As we indicated in our third-quarter conference call, we faced fashion missteps that required much heavier markdowns than originally planned," said Scott Edmonds, president and chief executive officer.
"We committed to clearing our fashion mistakes by year-end and I'm pleased to report we were able to do just that. We have also begun to see some positive results from our operational initiatives.
The company also reported Tuesday that same-store sales during the four weeks ended 3 March declined 4.3% while net sales were up 15% to $113.6m.
"Although February sales and same-store sales were somewhat off planned levels, we are pleased with our initial sell-through of most of our spring line and our February gross margins, especially considering the weather," Edmonds continued.
"However, we have not fully realised the corrective measures we have been talking about at either Chico's or White House|Black Market, especially in providing our customers with a product offering that is more compelling in fashion terms."
Edmonds noted that the decision to slow down Soma's growth, which has taken it to its current store count of 51, was made "so that we can focus on strengthening the management team, improving profitability and expanding Soma beyond the Chico's customer for the long-term benefit of the Soma concept and our shareholders."
A similar deceleration was employed at Chico's in the mid-1990s with positive results, he noted.
However, management decided that "the Fitigues brand did not meet our internal expectations and opportunity for roll-out," Edmonds observed. "Thus, we think our shareholders are better served by closing down this brand at this time."
Although it built impairment charges for Fitigues into its fourth-quarter fiscal results, the remaining eight "front-line" stores and one outlet store bearing the brand will be closed during the current first quarter of fiscal 2007. Chico's paid $7.5m for Fitigues' assets during the now concluded fiscal year.
For the full year, Chico's net income declined 14.1% to $166.6m, or 93 cents a diluted share, from $194m, or $1.06, in 2005. Net sales rose 17.2% to $1.65bn from $1.4bn in the prior year. Same-store sales increased 2.1%, with Chico's "essentially flat" and White House|Black Market up 11%.
Gross margin for the year declined to 58.7% of sales from 61% in 2005. Operating margins declined 360 basis points at Chico's, 720 basis points at Soma and 250 basis points at White House|Black Market.
The company said it would discontinue providing quarterly or annual sales and earnings guidance but would comment on analysts' estimates when it deemed it appropriate to do so.
Darrow-Smith, named to head the White House|Black Market brand, was among the founders of the company and joined Chico's when it acquired White House|Black Market in 2003 as senior VP and chief creative officer of the brand.
Cloutier, now executive VP and chief merchant for Chico's, joined the firm last September as executive VP and general merchandise manager for Chico's. She previously had held senior positions with Ann Taylor and Gap.
Leedy, now executive VP and chief marketing officer of the firm, joined the firm in April 2006 after serving in senior marketing positions at American Eagle Outfitters over an 11-year period.
Other appointments at Chico's included: Carol Kauffman, VP of real estate law; Pam Avesian, VP of internal audit; Brian Sorlie, VP of real estate, West; Michelle Fichter, VP of stores for WH\GM; Michael Conway, VP, planning and replenishment for Soma; and James Tague, VP of planning and allocation for the Chico's brand.
By Arnold J Karr.
Women's apparel retailer Chico's FAS Inc has reported a "disappointing" second quarter, with earnings per diluted share down 28% compared to the same period last year....
Women's wear retailer AnnTaylor Stores Corporation has hired Robert J Luzzi as chief marketing officer, reporting to Ann Taylor president and CEO Kay Krill....
Women's wear retailer AnnTaylor Stores Corporation today (24 August) reported a 26.6% slump in second quarter profit on slow store traffic and poor merchandise assortments at both its Ann Taylor and L...
Youth clothing retailer American Eagle Outfitters has boosted its second quarter net income by 13% to US$81.3m, on the back of strong sales....
Ann Taylor Stores has named Mark Mendelson as president of the company's new store concept , reporting directly to Kay Krill, president and CEO....
Women's retailer Ann Taylor Stores has announced that James M Smith, executive vice president and CFO, has decided to resign from the company to pursue other interests....
The following is a general roundup of apparel and shoe chains' June 2007 sales results. The list will be updated as new results become available....
Brian Lynch has been promoted to president of Ann Taylor Stores' Ann Taylor Factory division. He had been executive vice president of the unit....
- Fashion fit for the future – strategies for speed
- Digitisation to drive new apparel-making models
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The 44 year old ace film-maker, Karan Johar has recently spotted in a few silver strands at the Lakme Fashion Week where he walked the ramp for designer label Falguni Shane Peacock. And we cannot take eyes off Karan Johar’s new look! Dressed in a spectacular jacket in silver and black colour, Karan set the runway on fir on the third day of the ongoing Lakme Fashion Week. But it was his out-of-the-box hairdo, which stole the show. Maybe, Karan Johar wanted to experiment with his look. Karan Johar’s spiked grey hair stood out more than his sparkle blazer and his co-showstopper Sonakshi Sinha.
Karan, himself posted a few pictures from the Lakme fashion show, showing his new hair do.
The director made his full-fledged acting debut in the film ‘Bombay Velvet’. Now he is all set to return to the big screen in upcoming film ‘Welcome to New York’. Apart from Karan Johar, actors Sonakshi Sinha and Diljit Dosanjh will also be seen in the film.
Karan Kohar’s last directorial flick was ‘Ae Dil Hai Mushkil’ starring Ranbir Kapoor, Anushka Sharma and Aishwarya Rai Bachchan.
In the year 2017, Karan became a single father to twins Roohi and Yash, who were born via surrogacy.
Well we really like this new look of Karan Johar! Tell us what do think about Karan Johar’s new look?Rajasthan Tourism App - Welcomes to the lend of Sun, Send and adventures


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Rockwell Collins’ third-quarter net income rose 5 percent, but fell just short of Wall Street expectations after one of its big customers sought bankruptcy protection.
For the quarter ended June 30, the aviation and communications company earned $166 million, or $1.14 per share, up from $158 million, or $1.01 per share, in the same quarter last year.
The recent quarter’s results are based on about 145 million outstanding shares, while those of the year-ago period are based on about 155.9 million.
Sales edged up about a percent to $1.21 billion from $1.19 billion, as government systems sales rose 2 percent to $679 million and commercial systems sales edged up 1 percent to $526 million.
Analysts, on average, expected a profit of $1.15 per share on $1.23 billion in revenue, according to a FactSet poll.
Rockwell, based in Cedar Rapids, Iowa, said that a lower income tax rate boosted its results by 5 cents per share, while the effects of the recent bankruptcy protection filing at Hawker Beechcraft, a key customer, reduced its profit by 6 cents per share.
The company warned that the slowdown in the global economy’s recovery and Hawker Beechcraft’s situation continue to affect its expectations for business aviation growth.
As a result, the company lowered the high end of its previous 2012 profit prediction by 10 cents, resulting in a new range of $4.40 to $4.50 per share. The company also cut its full-year sales prediction to about $4.8 billion from about $4.85 billion.
Analysts polled by FactSet expect a profit of $4.41 per share on $4.84 billion in sales. AP


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$MAR said it has received authorization from Saudi Arabian and Mexican authorities to proceed with its acquisition of $HOT. Only remaining country in which $MAR and $HOT require authorization is China, and the companies are cooperating with the Chinese agency MOFCOM and will be prepared to close the deal upon receiving Chinese authorization.
$SBUX launched its annual “Starbucks for Life” competition in the U.S. and Canada. The winner of the competition will receive a credit of one drink or food item per day for a duration of 30 years.
$T shares rose 1.8%, as a big boost for the S&P 500. The company said its new streaming television service DirectTV has so far exceeded expectations.
$TXMD flying high.. anyone here to catch..?
$CMG crashing. There seems to be nothing good to read about this company.


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WASHINGTON (Reuters) - U.S. wholesale inventory accumulation slowed in July, lagging further behind sales, and it is now taking wholesalers the shortest time in seven years to clear shelves.
The Commerce Department said on Friday that wholesale inventories rose 0.6% as estimated last month. Stocks at wholesalers increased 1.2% in June. Wholesale inventories climbed 11.5% in July from a year earlier.
Inventories are a key part of gross domestic product. The component of wholesale inventories that goes into the calculation of GDP increased 0.7% in July.
Business inventories were depleted in the first half of the year, but shortages amid persistent supply bottlenecks because of the COVID-19 pandemic and recent ports congestion in China are frustrating efforts to replenish stocks.
Still, inventory rebuilding is expected to underpin economic growth in the second half of the year.
Sales at wholesalers increased 2.0% in July after accelerating 2.3% in June. At July's sales pace it would take wholesalers 1.20 months to clear shelves, the fewest since July 2014, from 1.22 in June.
(Reporting by Lucia Mutikani; Editing by Chizu Nomiyama)


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Fashion enthusiasts rejoice! H&M's upscale sister brand COS finally set to open in the U.S. by spring 2014
Fashion enthusiasts have been anxiously awaiting news of COS' arrival in the U.S since the brand announced in March that it 'for sure will be in America'.
Now, the upscale H&M-owned brand has revealed it will open at 129 Spring Street in SoHo, New York for spring 2014.
The long-awaited news has already excited frustrated customers in the U.S. who are unable to access the sleeker line, currently available exclusively across Europe, Asia and the Middle East.
Cos, the upscale H&M-owned brand, has revealed it will open in New York’s SoHo for spring 2014
'We’ve established a strong brand,' Daniel Kulle, U.S. president of
H&M, told WWD in March. 'Now we can see that we can grow and expand in many markets in
the U.S. There’s huge potential at the moment.'
For those outside of New York, the brand is also planning to launch an e-commerce platform in 2014 for the U.S.
Cos opened its first store outside Europe in Hong Kong last June, a move that kicked off its global brand-building efforts.
With coats ranging from $140 to $300, and dresses coming in at around $110, Cos' price range sits higher than its sister, H&M, but far below high-end brands such as Celine which also favors a minimalist aesthetic
Lauded for its versatility and timelessness, Cos is favored for its no-fuss approach to design which is often inspired by architectural lines and minimalist shapes.
With coats ranging from $140 to $300, and dresses coming in at around $110, Cos' price range sits higher than its sister, H&M, but far below high-end brands such as Celine and Jil Sander, which also favor a minimalist aesthetic.
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According to the Asia-Pacific Trade and Investment Report 2011: Post-crisis Trade and Investment Opportunities published by the UN Economic and Social Commission for Asia and the Pacific (ESCAP), trade in the region has returned to pre-crisis levels, while foreign direct investment flows to selected parts of the region, in particular East Asia have also fully recovered.
ESCAP estimates show that the export recovery in Asia-Pacific developing economies in 2010, estimated at 17.3 percent, will stabilize to 9 percent in 2011. This year, India is projected to record the highest export growth of 11.3 percent, followed by South Korea at 11 percent, China at 10.8 percent and Thailand at 10 percent.
However, it will be challenging for Asian economies to maintain current levels of export growth unless they develop new markets within the region. At the same time, while the region is at the forefront of attracting foreign direct investment, 75 percent of these go to just five economies: China, Hong Kong, India, Russia and Singapore.
Developed economies are still the major destination for the region's exports, but with the European Union, Japan and the United States facing an economic slowdown, Asia-Pacific countries must rely more on intraregional trade which can also make the region more resilient to external shocks. The report also highlights that further consolidation of regional trade agreements can trigger more trade among Asia-Pacific countries.


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Tesla Vehicle Safety Report Q4 2021: Autopilot Safety Keeps Improving
Tesla released its Q4 2021 Safety Report today, detailing customers driving with Autopilot recorded one crash for every 4.31 million miles driven, an improvement year-over-year (via @SawyerMerritt).
“In the 4th quarter, we recorded one crash for every 4.31 million miles driven in which drivers were using Autopilot technology (Autosteer and active safety features). For drivers who were not using Autopilot technology (no Autosteer and active safety features), we recorded one crash for every 1.59 million miles driven,” said Tesla.
“By comparison, NHTSA’s most recent data shows that in the United States there is an automobile crash every 484,000 miles.”
In Q4 2020, Tesla drivers saw one accident for every 3.45 million miles driven in which drivers had Autopilot engaged, versus 4.31 million miles in Q4 2021.
— Elon Musk (@elonmusk) January 15, 2022
Tesla CEO Elon Musk responded to the numbers on Saturday morning by saying “big difference.”
“Autopilot advanced safety and convenience features are designed to assist you with the most burdensome parts of driving. Autopilot introduces new features and improves existing functionality to make your Tesla safer and more capable over time,” explains the automaker.
“Autopilot enables your car to steer, accelerate and brake automatically within its lane. Current Autopilot features require active driver supervision and do not make the vehicle autonomous,” says Tesla.


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ISS has pointed out the old coffee machine is losing ground and that larger workplaces are demanding their own coffee shop and barista. Instead of brewing coffee more canteens are getting catering coffee machines that make fresh coffee.
At larger workplaces, this trend is being been taken even further. In the last 10 years ISS has established 12 to 15 coffee shops in Norwegian workplaces.
Department chief at ISS Catering in Norway, Bodil Hilton said: “The coffee wave has arrived at the work place. The classic cafeteria coffee which has been in the coffee pot for two or three hours is history and is no longer served in our canteens. People want good coffee while they are at work. For companies who want to reach young, skilled workers a good canteen has become one of the important benefits. A coffee shop with its own barista is a step further on that road.”
Coffee bars are physically separated from the canteens as a separate area with counter, tables and chairs. And they keep the same standard as regular coffee shops, both interior and variety of coffees.
Behind the counter stands a barista – someone specialised in preparing coffee. Barista Therese Pedersen, who serves a steady stream of guests at the coffee shop in the office community Strømsveien 102 in Oslo, commented: “The café latte is most popular. It is mostly women who buy it, but men too. The americano will propbably remain the choice of drink for men for a while.
“People think good coffee at work is important. We often hear complaints about the free coffee machines on the floors around the building. They then choose to come down here and buy a proper cup of coffee instead.”
Most of the ISS coffee shops are located in Oslo at companies such as Siemens, ABB, Statkraft, Aker Solutions and IT Fornebu.
“We saw that there was basis for having own coffee shops at larger workplaces. We recommend that a workplace should have around 500 employees before starting up a coffee shop,” noted Hilton.


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© Apple Electronics Production | January 18, 2018
Apple accelerates US investment and job creation
The Cupertino company has announced a new set of investments targeted at supporting the American economy and its workforce.
The investments are concentrated in three areas where the company says it has the greatest impact on job creation; direct employment by Apple, spending and investment with Apple’s domestic suppliers and manufacturers, as well as fueling the fast-growing app economy. Apple’s planned investments in American manufacturing over five years, along side a record tax payment upon repatriation of overseas profits, will account for approximately USD 75 billion of Apple’s direct contribution, the company states in a press release. “We believe deeply in the power of American ingenuity, and we are focusing our investments in areas where we can have a direct impact on job creation and job preparedness. We have a deep sense of responsibility to give back to our country and the people who help make our success possible,” said Tim Cook, Apple’s CEO. Growing Apple’s US Operations Apple expects to invest over USD 30 billion in capital expenditures in the US over the next five years and create over 20’000 new jobs through hiring at existing campuses and opening a new one. The company plans to establish an Apple campus in a new location, which will initially house technical support for customers. The location of this new facility will be announced later this year. Over USD 10 billion of Apple’s expanded capital expenditures will be investments in data centers across the US. Apple has already started the construction of a new facility in downtown Reno, which will support its existing Nevada facilities. Investing in Apple’s Domestic Suppliers and Manufacturing Partners Building on the success of the Advanced Manufacturing Fund announced last spring, the company is increasing the size of the fund from USD 1 billion to USD 5 billion. The fund was established to support innovation among American manufacturers and help others establish a presence in the US. It is already backing projects with manufacturers in Kentucky and rural Texas. Combining new investments and Apple’s current pace of spending with domestic suppliers and manufacturers – an estimated USD 55 billion for 2018 – Apple says that its direct contribution to the US economy will be more than $350 billion over the next five years, not including Apple’s ongoing tax payments, the tax revenues generated from employees’ wages and the sale of Apple products.


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The Morgan 3-Wheeler Is Back! And This Time, It’s Super
To paraphrase an old automotive chestnut, in the end, there’ll be maybe three car companies left…and Morgan. The British brand’s cars don’t look like any modern vehicle; and in the 3-Wheeler’s case, they’re not always legally cars. Sadly, environmental regulations meant Morgan had to cancel the V-twin-powered 3-Wheeler. But after months of spy shots and rumors, the runabout is back with a new look and name: Morgan Super 3.
The Morgan Super 3 keeps the 3-Wheeler charm but adds Aero flair
Despite popular claims to the contrary, modern Morgans don’t have wooden chassis. However, the company still uses handmade ash-wood frames to support the body panels. That was the case on the outgoing 3-Wheeler, and it’s still the case on the off-road-ready Plus Four CX-T. But that’s true of the new Super 3.
Not only does the Morgan Super 3 not have any kind of wooden frame, but it’s also not a ‘traditional’ body-on-frame vehicle. This is Morgan’s first-ever monocoque, aka ‘unibody’ design, and its first clean-sheet design since the Aero 8. And speaking of the Aero 8, Morgan makes the Super 3 out of superformed aluminum in a similar way, Road & Track explains. As a result, the Super 3 is stiffer and stronger than the old 3-Wheeler.
It’s also longer and wider than the 3-Wheeler, which means it’s slightly heavier. However, those extra inches bring extra space, functionality, and features. And they’re necessary to accommodate the Super 3’s new heart.
This three-wheeled motorcycle packs a bigger Ford-powered punch
|2022 Morgan Super 3||2012-2021 Morgan 3-Wheeler|
|Engine||1.5-liter liquid-cooled Ford three-cylinder||2.0-liter air-cooled S&S V-twin|
|Horsepower||118 bhp||Euro3: 82 bhp|
Euro4: 68 bhp
|Torque||110 lb-ft||Euro3: 103 lb-ft|
Euro4: 95 lb-ft
|Dry weight||1400 lbs||Euro3: 1157 lbs|
Euro4: 1290 lbs
|0-62 mph time||7 seconds||Euro3: 6 seconds|
Euro4: 7 seconds
|Top speed||130 mph||115 mph|
As noted earlier, emissions regulations meant Morgan couldn’t keep the V-twin-powered 3-Wheeler in production. But while the Super 3 is classified as a motorcycle in some states/countries, it doesn’t use a motorcycle engine. Instead, it has a Ford-supplied three-cylinder car engine with an OBD-II connector and an emissions checkmark for at least a decade.
After the first Super 3 spy shots went live, there was some speculation over which Ford engine Morgan would use. On its website, Morgan claims it’s the Dragon EcoBoost, the same one the Euro-spec Fiesta ST uses, albeit without a turbocharger. However, based on information from Ford Authority, I suspect it might be the 1.5-liter Duratec from the India-spec Ford EcoBoost.
Regardless, the new engine is longer than the V-twin, hence the Super 3’s extra length. Yet because it’s behind the front axle, the new Morgan is technically a mid-engine car.
Also, because the Ford engine is liquid-cooled, the Super 3 needs radiators. Hence why it’s wider than the 3-Wheeler: the extra width helps accommodate the twin side-mounted radiators. And as a side benefit, you can mount luggage to them, R&T notes. Plus, it should prevent the endemic shoulder-rubbing that occupants faced in the outgoing 3-Wheeler.
The Morgan Super 3 is more luxurious, but still wonderfully simple
Speaking of luggage, the Morgan Super 3 has a few more welcome touring-focused luxuries. It has a patented mounting system that accommodates everything from cargo to GoPros, R&T reports, as well as an optional bigger rear luggage rack. Other options include a footwell heater, hidden lockable storage box, Beeline Moto GPS, phone holders, bungee cords, and twin USB outlets. And for the first time, there’s a cupholder.
Some things, though, haven’t changed. Although the turbofan wheels and tires are new, the Morgan Super 3 still lacks ABS, traction control, power steering, and airbags. It still has a rear drum, too. And, as before, it only comes with a five-speed Mazda Miata manual. Those new wheels and tires do decrease the turning radius, though. Also, while the seats don’t adjust, the pedals and steering wheel do.
In addition, if you are touring in your Morgan Super 3 and run into foul weather, there’s no need to worry. Regardless of the upholstery—vinyl, leather, technical fabric—the cabin is IP65-rated waterproof, including the switchgear. Plus, if you need some extra light, LED headlights and footwell lights are available.
How much will the Morgan Super 3 cost in the US?
Firstly, yes, the Morgan Super 3 is coming to the US. As of this writing, there’s no official release date, but Morgan claims the first ones should arrive before year’s end. And the order books are already open.
Morgan also says the Super 3 will be cheaper than the outgoing 3-Wheeler, though again, official pricing isn’t yet available. In the UK, the Super 3 starts at roughly the equivalent of $56,000. And as with the 3-Wheeler, buyers can customize practically everything on the Super 3, from the dashboard wood to the radiator side-blade colors.
So, who’s ready to fly?
Follow more updates from MotorBiscuit on our Facebook page.


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Fiat India was going through a rough patch due to the underperforming Palio. To Fiat, the Linea was nothing less than a saviour, a new model that promised
Tag Archives: 1.3 multijet
Maruti Swift this month, crossed the 300,000 unit mark in cumulative domestic sales, within just three years and nine months of its launch. It is now the fastest selling model in its segment.


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Tesla, Inc. an American automaker has unveiled its first electric articulated lorry, designed to challenge diesel trucks as king of the road.
Tesla says the vehicle – known in the US as a semi-trailer truck will go into production in 2019.The long-anticipated Tesla Semi has a range of 500 miles on a single charge.Speaking on stage at Tesla’s facility in Los Angeles, chief executive Elon Musk said: “It’s not like any truck that you’ve ever driven.”
Musk also unexpectedly revealed a new Roadster, which he said would be “the fastest production car ever” made,”a hardcore smackdown to gasoline cars”.The red sports car was driven out of the trailer of the electric lorry during Tesla’s presentation.The new Roadster becomes available in 2020.
With Tesla Semi, Mr Musk enters a competitive, demanding market. There are an estimated 3.5 million truck drivers in the US, the vast majority of whom drive diesel-powered engines. Tesla will not be able to compete on diesel’s range, and battery specialists doubt Tesla can produce a powerful enough battery at a reasonable price.
As for cost, the company said that per mile the Tesla Semi would work out cheaper than a diesel equivalent when fuel and other maintenance is taken into consideration – but did not share the cost of an individual truck.
The truck comes with Enhanced Autopilot, the second generation of Tesla’s semiautonomous technology, equipped with automatic braking, lane keeping, and lane departure warnings.


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Click here for an updated FAQ about buying and using legal cannabis in Quebec.
tap here to see other videos from our team.
Here are answers to key questions as Quebec moves toward legalization of recreational marijuana by July 2018.
Who will be allowed to buy pot?
Under the cannabis-legalization bill put forward Thursday , anyone over 18 would be able to purchase, possess and use cannabis in Quebec. The province’s medical specialists wanted the minimum age set at 21 .
Where will pot be sold?
Quebec plans to create the Société québécoise du cannabis (SQC), which would sell pot via stores and a website.
The SQC chain would start with 15 stores. The government intends to set a minimal distance between a retail outlet and places frequented “by minors and vulnerable clienteles.” Canada Post would initially deliver online purchases and ensure buyers are over 18; other delivery companies could be brought in later.
Quebec’s pot retailer would be an arm of the Société des alcools du Québec, the province’s monopoly liquor-store chain.
The agency would be allowed to sell dried cannabis, cannabis oil, fresh cannabis, cannabis concentrates, cannabis accessories and specialized cannabis publications.
The bill says the SQC could also sell “any other class of cannabis determined by government regulation, including edible and non-edible cannabis products.”
How much will pot cost?
Quebec has not set a price yet.
Ontario is considering a price of about $10 per gram .
Where will I be able to smoke pot?
Anywhere you’re allowed to smoke cigarettes.
Closed smoking rooms would be allowed in some cases, including health institutions, common areas of residential buildings with two or more dwellings, seniors’ residences and palliative care hospices.
Where will pot smoking be banned?
In restaurants, bars, workplaces and within a nine-metre radius of building entrances.
Smoking pot would also be verboten on the premises of hospitals and post-secondary institutions and daycares, as well as in common areas of residential buildings comprising two or more dwellings.
It would also be forbidden in bus shelters, playgrounds and “on terrasses and in other outdoor areas operated as part of a commercial activity and set up for rest, relaxation or the consumption of products.”
Can I grow it at home?
Not in Quebec.
Fines would be imposed on those who contravene the ban on home-grown pot. For example, someone caught cultivating four or fewer plants in their home could be fined $250 to $750 for a first offence, with amounts doubled for subsequent offences.
The federal government said provinces can decide on grow-your-own marijuana. But those that opt to allow personal cultivation can’t allow more than four cannabis plants per residence, none of which could exceed one metre in height. Police argue the federal guidelines are unenforceable.
Can I smoke pot and then drive a car?
The law would ban anybody from driving with cannabis or any other illicit drug in their system. Drivers would have to submit saliva samples and police could immediately suspend a scofflaw’s driver’s licence for 90 days.
When will pot be legal?
The federal government, which is spearheading legalization, has not set a start date. But Prime Minister Justin Trudeau says cannabis will be legal by July 1, 2018 .
How much will the taxman get?
Quebec says it could take in as much as $100 million per year in taxes.
Ottawa plans to add an excise tax of $1 per gram or 10 per cent of the retail price , whichever is higher, with revenues split evenly between Ottawa and the provinces. Federal and provincial sales taxes will also be applied.
Pot taxes are expected to add $1 billion to tax coffers per year across the country.
5 pot issues Quebec is grappling with
18 or 21? Age of legal consumption hot topic at pot-legalization hearings
Trudeau’s pot legalization becomes headache for Quebec
Quebec cannabis: Strict marijuana law leaves sales to new arm of SAQ
Activists, entrepreneur disappointed with marijuana legislation


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Big in Europe and the US in the 1970s, the Opel Manta is making a comeback as an EV. Meet the Opel Manta GSe ElektroMOD.
Opel has referenced the “growing phenomenon of ‘restomods’” as the reason it’s bringing back the Manta. Meet the Manta GSe ElektroMOD which Opel reckons is all about combining new with old.
Details are still very, very thin but the brand has said, “The all-electric Manta GSe ElektroMOD with its fully digital cockpit is as sporty as an original Opel GSe and displays its further ambitions in the “MOD” part of its name – for modern technology and sustainable lifestyle and the English abbreviation of ‘modification’”.
With plenty of countries suggesting a ban on internal combustion engines very soon, Opel reckons its electric Manta means buyers will be able to enjoy classic motoring via a thoroughly modern package. And without the risk of “potential driving bans for older combustion engine cars”.
But that’s it. No word on whether it’ll be a show car only, or a limited run thing or whether it’ll be sold outside of Europe. Or when. But with Opel announcing that all of its vehicles will be electrified by 2024, we can only hope we see a lot more of these restomod-esque EVs from car makers.
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“We’re weaning our entire society off of fossil and carbon-intensive fuels — we can’t underestimate the scale of that challenge,” said Gavin Harper, a research fellow at the University of Birmingham in England, who studies battery recycling. “The demand is going to be so enormous.”
Read More on Electric Vehicles
But for all the optimism, this new business faces a daunting challenge: Few batteries will be available to recycle for a decade or more. Tesla, which dominates the electric vehicle business, began selling cars in 2008 and until 2017 sold fewer than 100,000 cars a year. There are other sources to recycle today, including hybrids and consumer electronics, but the supply is limited and collection can be challenging.
That has left recycling companies in a difficult position. They need to invest in factories, machinery and workers or risk losing ground to competitors. But if they invest too quickly, they could run out of money before lots of aging batteries arrive at their loading docks.
“You have people that are just burning through money, because you don’t have the feed stock to be able to make the material to sell,” said Eric Frederickson, the managing director of operations for Call2Recycle, a nonprofit program that helps recyclers find old batteries.
The companies also have to figure out how to find, collect and dismantle batteries. They have to work with many dismantlers, scrap yards and nonprofit groups. And because batteries are prone to fires and packaged and built differently from model to model, taking them apart can be complicated and dangerous.
Among companies recycling batteries, Redwood stands out. The company was founded by J.B. Straubel, a former top Tesla executive, and has raised more than $1 billion from investors, it said. Redwood sees itself primarily as a producer of battery materials — made from recovered or mined metals — and has established recycling partnerships with Ford Motor, Toyota, Volkswagen and Volvo. Redwood also recycles scrap from a battery plant run by Panasonic and Tesla, near Reno, Nev.
On a flat, dusty tract of land near that plant, Redwood is building out a 175-acre campus. There, the company recovers metal from old batteries and produces materials for new ones. Redwood announced last week that it would spend at least $3.5 billion on another campus in South Carolina, in a region of the country that is fast becoming a hub for battery and electric vehicle production.


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2020 was a year like no other. As the COVID-19 pandemic spread throughout the world, forcing many organizations to suspend or cease business, transition online, or pivot in one way or another, it unleashed a perfect storm for fraud and new threats.
This perfect storm: opportunity, motivation, and rationalization (aka the fraud triangle) mean that companies must be vigilant now more than ever.
In 2021 and beyond, as new fraud schemes arise out of our new “normal,” businesses will need to continue to find ways to improve their fraud detection odds by understanding how and why it occurs and rethinking their practices to tackle it.
This article examines some of the opportunities that allow fraud to occur, the motivation and rationalization for committing it, and how best to position your company to mitigate the top five fraud risks in 2021.
1. Cyber fraud
At the top of the fraud risks to watch for in 2021 is cyber fraud. Spurred on by the global pandemic and record growth in digital commerce, small and medium-sized businesses will continue to be more vulnerable to cyberattacks.
The Canadian Federation of Independent Business (CFIB) recently reported that around 61,000 small and mid-sized businesses had experienced cyberattacks since March 2020. More than 80% of those businesses said it came through email scams and phishing attempts, and 50% encountered malicious software. Companies most at risk were:
- Those with 20 or more employees
- Those who allowed their employees to work remotely or made any changes to their online presence
- Those in the manufacturing, wholesale trade, business services and enterprise, and administration management sectors
One of the best ways to mitigate cyber fraud is to secure your IT infrastructure. Whether you choose to outsource your computer networks or keep them in-house, being aware of what is happening on the network and recognizing suspicious activity when it occurs will boost your company's cyber resilience. The more knowledge you have about the risks involved in your business, the better security measures you will be able to take. An excellent place to start is with a cyber risk assessment of your organization, and BDO's Cybersecurity and Digital Forensics team can help you in this regard.
2. Employee fraud
As we have seen, working in this new environment poses numerous challenges and opportunities for fraud, especially employee fraud and misconduct. With more employees trading their corporate desk for their dining table, working from home can make it easier to abuse time-tracking controls, falsify signatures on digital documents, and forgo asking questions when something does not look right.
Management oversight of employees under the work from home conditions is significantly more challenging, and with less management on location, the risk of fraudulent activity increases. Employees who exhibit excessive control tendencies while at work, those who insist on doing everything themselves and lack segregation of duties could signal that something suspicious is afoot. Employee fraud includes payroll fraud schemes such as payment to fictitious employees, fraudulently clocking in for an absent worker, inflating hours on timesheets, not recording vacation time, and misclassifying an employee as an independent contractor.
At the very least, companies should raise organizational awareness about combating fraud by establishing clear policies for working remotely and onsite, provide mandatory annual training courses related to best practices for all staff, and, if necessary, implement an ethics hotline. According to the Association of Certified Fraud Examiners (ACFE), employees’ tips identify 43% of fraud schemes. In today’s virtual environment, companies should also consider remote timesheet management and automated payroll software.
3. Procurement fraud
In responding to the COVID-19 pandemic, many organizations and government agencies made fast decisions about issuing loans, subsidies, and awarding contracts to potential business partners. As a result, time-consuming public procurement processes and legal frameworks were increasingly sidestepped, leading to inferior procured goods, price gouging, inflated invoicing, inexperienced suppliers, and a general inability to source.
In 2021, procurement leaders will need to broaden their strategic partnerships and accelerate digital innovation to drive results throughout the broader value chain. To find out how, please read our article on procurement and supply chain strategies during COVID-19.
4. Insurance fraud
With financial pressures mounting due to COVID-19, insurance fraud will be on high alert in 2021. Some companies looking for ways to survive might provide inaccurate or misleading information to obtain insurance cover. Insurance companies could see an increase in fake accidents occurring at a place of business or home, staged car accidents, and billing scams, according to the 2020 Friss Insurance Fraud Report. Physical distancing measures and remote working also restrict investigators' ability to collect evidence and interview claimants face-to-face. Therefore, the insurance industry will need to accelerate and innovate how they prevent, detect, and investigate fraudulent activity with a keen eye on AI and digitization.
5. Government benefits related fraud
Given the financial crises that COVID-19 has brought about for many industries, particularly the hospitality and tourism industries, governments including the Government of Canada, have developed assistance programs for its businesses and residents who qualify for financial support. As a result, individuals and companies are falsifying applications for support payments to receive Canadian Emergency Response Benefit (CERB) or other benefits when they don’t qualify based on the various programs’ conditions. The financial risks (other than the actual CERB funds received) associated with these false claims are not yet clear as the CRA evaluates 2020 tax returns.
Many fraud schemes in Canada are perpetrated by fraudsters claiming to be representatives of the CRA to access personal information, to steal money directly from them, or to steal their identity and claim their CERB on their behalf. These put companies and their employees at risk for these types of schemes. The CRA has listed over 30 scams that have been reported to date.
Given the continuing state of the pandemic, it’s likely these types of schemes will continue. Companies and individuals can mitigate these risks by being aware of these schemes' prevalence and implementing the IT infrastructure noted earlier. For further information, BDO has put together a Fraud and Cybersecurity Resource Hub focusing on protection against fraud and cyberattacks.
How BDO can help
At BDO, we're committed to helping business owners understand where fraudulent activity may be occurring in their organization, quantify any potential losses a business may have suffered, and discuss the mitigating measures they can implement to combat it. For more information about fraud protection and detection for your organization, contact:
Mike Macdonald, Senior Manager, Forensics
Chetan Sehgal, Partner, Forensic Disputes & Investigations


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Jimmy Buffett has restaurants, a line of beer, adventure vacations, casinos, clothing, resorts, radio and television assets as well as salad dressings, margarita salt and spicy frozen shrimp. Up next? Retirement communities.
It was just a matter of time until the man who built an empire on Margaritaville, a song about drinking too much and bumming around in a beach town, would figure out....More>>>
At $257,200.00 a share, investing in Berkshire Hathaway Inc. (NYSE: BRK.A) is simply not an option for most retail investors like us. But the nearly 50 other “Warren Buffett stocks” that Berkshire invests in come at a much lower price point.
While we at Money Morning don’t recommend all of Warren Buffett’s stock picks for retail investors, our experts do like....More>>>
“Formula for success: rise early, work hard, strike oil” – J. Paul Getty
I must confess to feeling kind of lonely at times this year being one of a handful of observers of the casino space, (and at times, the only one,) standing firm on my undiminished faith that Las Vegas Sands (NYSE:LVS) valuations were dead wrong. Now, after the Macau Parisian has opened and LVS Q3 results....More>>>
Make way for some waves. CVS Health (CVS) and Express Scripts (ESRX) have released their formulary exclusion list for 2017, which details which prescription drugs will not be covered by health plans.
Why do we care? Commercial payors have been showing signs of pushing back against high drugs costs, which is a huge concern for drug companies and their investors. The coverage list determines....More>>>
To blockchain developers and cryptocurrency watchers, the entire system has a mind of its own and is one step ahead of the market, at least two steps ahead of regulators. It's lack of physical roots make it nearly impossible to control. China tried. (Shutterstock)
New Uber CEO Dara Khosrowshahi's first day at the company will be Tuesday, Sept. 4, 2017, and he's not wasting any time preparing for the Uber IPO. In fact, he wants Uber to go public between 2019 and 2021.
This is much clearer than former Uber CEO Travis Kalanick's time
MagnaChip Semiconductor Corporation (MX) has a major problem. Before investors jump in, they should understand MagnaChip's enormous debt and limited customer base. Since December 2016, long-term debt has soared 36% to $300 million. In addition, they only have ten major customers, a


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Walmart Picket Lines Near One-Year Anniversary
July will mark the one-year anniversary of the establishment of Local 5 picket lines at Walmart Neighborhood Markets in Pleasanton and San Ramon.
Maintained entirely by Union members and retirees seven days a week, the effort is focused on alerting potential customers that the world’s largest retailer is undercutting the area standards that grocery workers have built over many decades, says Local 5 staff member and picket line coordinator Simone Mock.
“Wages, benefits and working conditions at Walmart are inferior to those paid by the stores that employ our members and that gives the company an unfair competitive advantage gained off of the backs if its workers,” says Mock. “When our members on the line explain to customers that the few pennies that they may save on a basket of groceries is a threat to good grocery jobs in their community many turn away or promise not to return.”
Local 5 retiree Ray Miller, a former Safeway produce worker in Hayward, has been a regular on the picket line since its inception. Ray and other pickets engage with customers about the issues and in the heavily unionized Alameda County, often succeed in their goal to turn potential shoppers away. In fact, employees have reported up to a twenty percent decrease in business since picketing began.
“I loved working at Safeway and thanks to the Union, I enjoy a nice retirement,” Ray explains. “By being out here I am helping to protect the Union that protected me for thirty-four years on the job.”
Store employees are subjected to a barrage of anti-union propaganda including videos targeting Local 5. While they are reluctant to talk to Local 5 members on the picket line, many privately thank Ray and the others for standing up for them. “Walmart can afford to do better,” he says.


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With more than a million restaurants in the U.S. alone, there is certainly an abundance of opportunity for a security breach. The large number of daily credit/debit card transactions makes restaurants incredibly appealing to cyber criminals.
Should your business’s information technology and/or Point-of-Sale (POS) system be successfully breached, the news media will be demanding to know the details.
Publicized restaurant data breaches have been blamed for as much as a 15% drop in business. In franchise cases, that negative publicity often impacts the brand image and sales of the entire chain. You can't afford to leave your restaurant unprotected.


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Robinhood Crypto Trading App
Robinhood. Securities trading is offered to self-directed customers by Robinhood Financial Cryptocurrency trading is offered through an account with Robinhood Crypto. The platform admitted the issues in a tweet and said it was working to. Cryptocurrency trading offered through Robinhood Crypto, LLC. In its early stages, Robinhood stood out as. Stock and cryptocurrency trading app Robinhood faced a backlash in early 2021 when it froze sales of GameStop stocks amid a Reddit-backed surge, and it crashed during a surge in the. Cryptocurrency trading offered through Robinhood Crypto, LLC. Elon Musk's appearance on Saturday Night Live over the weekend created a huge headache for the Robinhood trading app after the tech exec's comments on Dogecoin (CRYPTO: DOGE) caused the. Dogecoin is considered a parody cryptocurrency, which was created back in 2013. 'We are experiencing issues with crypto trading,' Robinhood said at 10:06 a.m. Robinhood Crypto is licensed to engage in virtual currency business activity by the New York State Department of Financial Services and is not a member of FINRA or SIPC. During Tesla CEO Elon robinhood crypto trading app Musk’s highly anticipated hosting debut on the legendary late-night comedy program, Saturday Night Live (SNL), DOGE began plummeting from a high of $0.73 down to $0.441 on Sunday Robinhood is a popular trading app for cryptocurrencies Credit: AP.
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Bad news if you have been on vacation at one of the Wilderness resorts in Tennessee and Wisconsin in the last couple of years – hackers may now have your credit card details.
VacationLand Vendors Inc, a firm which provides arcade and vending machines to businesses, has revealed that a hacker broke into its credit card processing systems and stolen up to 40,000 credit card details.
The credit cards were used in arcades at the Wilderness Hotel & Golf Resort in Wisconsin, and the Wilderness at the Smokies Waterpark Resort in Tennessee.
Precise details of how the data breach occurred have not been made public, but the company has published a warning on its website, and advised customers to keep their eyes peeled for unusual transactions on their credit cards.
Vacationland Vendors says that it “deeply regrets” the security breach and shut down its systems at the affected arcades as soon as it discovered the problem on March 25, 2011 – but that patrons may be impacted as far back as December 12, 2008.
The FTC has produced a website all about how consumers can protect themselves against identity theft.


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Netflix blames churn, competition for missed targets, dive in profits
NETFLIX has hit a bump in the road as it pushes ahead on its quest to reach 60 million to 90 million subscribers in the US and, by the end of 2016, become fully global.
The company said on Wednesday that third-quarter profit tumbled 50 per cent compared with last year,
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Big Ben Launches Selle Mio Saddle Brand
SHANGHAI, China – Big-Ben bicycle component manufacturer selected the China Cycle Show for the introduction of their own saddle brand; Selle Mio. The Ludhiana, India based company is launching their own brand for the first time in its history.
“In the past fifty years we have been manufacturing many bicycle products for a wide variety of customers but never with our own label,” explained Angad Singh of the third generation of the family that runs Big Ben Export. “We have not just put on a label, but this new brand is a mind changer for us as well as our customers. For Big Ben it is really new to work with a brand and we are aware this requires a completely different strategy than before. Also our customers have to get used to it, but we are convinced of the potential of our brand.”
Increased manufacturing capacity
Big Ben stepped up its saddle manufacturing capacity substantially in the past years from 5 million in 2013 to 7 million pieces in 2017. “As a part of our investments in the past years we even hired a dedicated engineer to increase our capacity and improve our production technology,” said Angad Singh at the earlier this month held China Cycle show.
Export to EU
Initially Selle Mio will focus on a wide variety of foam sports and city bike saddles, but also includes a range of genuine leather saddles. For the export to the European market, Big Ben employed the Polish industry veteran Michal Koziarski to take care of OEM as well as distributor sales. Next to sales Koziarski will also take care of product design and development.
A nice feature of Selle Mio is the option for some models to print your own photo on the saddle with matching grips. This technology allows Big Ben to offers batches of one unit. Next to saddles, Big Ben also manufacturers and exports grips, reflectors and pedals.


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For the Record: The Earthjustice Newsletter
Top Stories in June
Across the nation, people are reclaiming Black spaces as equally deserving of a healthy environment and protection under the law. Here are stories of some of the communities that Earthjustice is fighting alongside, taking polluters to court and supporting our clients as they reimagine their communities as places where people can breathe clean air, drink clean water, and flourish in their environments. Read More.
Companies like Amazon have choked the air of California’s Inland Empire with diesel emissions from freight trucks and mega warehouses. Now, a landmark victory garnered by clean air advocates and Earthjustice litigation could clean up the online shopping industry. Read More.


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+ Light up, Longboat, for this year’s contest
O little town of Longboat Key …
It’s time for The Longboat Observer’s annual “Light Up the Keys” contest. Soon, Longboat Key will be getting a whole lot brighter as homes, businesses and condominiums light up with holiday decorations.
From Dec. 7 through Dec. 11, Observer staffers will hit the road in search of the Key’s most spirited decorations. This year will feature categories of condominiums of more than 100 units and condominiums of fewer than 100 units for first-through-third prizes. Condominiums, along with single-family homes and commercial businesses, can compete for the “Publisher’s Choice” award.
So, get in the spirit and you could win the best gift of all: a picture of your holiday spirit in The Longboat Observer.
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2014 Turtle Watch T-shirts available now
T-shirts are available for the 2014 season at the UPS Store in the Centre Shops.
Colony Lender appeals ruling
Colony Lender LLC is appealing a bankruptcy judge's decision that canceled its foreclosure sale earlier this month.
Resident to help fund roundabout
Although he’s reluctant to step into the spotlight, Lido Key resident Ernie Kretzmer has agreed to help fund the city’s construction of a downtown roundabout.


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By Lincoln Njoku |
Regular cyber-attacks and attempts carried out on both private sector and government bodies are now a real threat, one that cannot be ignored and must be proactively dealt with. Successful attacks in the recent past have brought about devastating financial and reputational impacts on the victims. Increasing use of technology, digitization of systems and growing e-commerce trends mean that the number of Kenyan citizens and organizations vulnerable to cyber attacks is high. Despite its benefits, the use of technology comes with its fair share of risks.


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(Crain's) -- R.R. Donnelley & Sons Co. shareholders voted Thursday to remove barriers designed to make the printing company more difficult to sell.
Donnelley investors vote to drop anti-takeover laws
As a result of the changes to the company's incorporation bylaws, a simple majority of company's shares, instead of a two-thirds majority, would be needed to ratify the sale of the company.
Starting next year, Donnelley board members also will be elected annually, instead of in groups with staggered terms. The amendment would make it easier for a potential acquirer to run an alternative slate of directors for election at the annual shareholders meeting.
Staggered terms for directors and a supermajority threshold for approving a sale are common corporate defenses against takeover attempts. Chicago-based Donnelley, which proposed the changes, said they were not intended to accommodate a pending or contemplated sale of the company.
CEO Thomas Quinlan III, 44, who was promoted to the top job in March from chief financial officer and group president, was elected to the board Thursday. Board Chairman Stephen Wolf, 65, and director Oliver Sockwell, 63, were re-elected.


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Company-Wide National Promotion Aims to Raise Funds Over the Entire Month of November and National Sundae Day
JACKSONVILLE, Fla., Nov. 11, 2015 /PRNewswire-USNewswire/ — BURGERFI, one of the most rapidly-expanding fast casual restaurant chains in America, is throwing their support behind Wounded Warrior Project® (WWP) for the month of November. National Sundae Day falls on Veteran’s Day this year, and BURGERFI has vowed to give back to the nation’s veterans in a sweet way — a small complimentary sundae with any purchase. Each guest will receive a small complimentary sundae with any purchase, all day, and customers will have their choice of vanilla, chocolate, or swirl, topped with whipped cream and a cherry.
“We’re excited and honored to be a Proud Supporter of Wounded Warrior Project. At BURGERFI, we take pride in supporting and giving back to the men and women who dedicate their lives to protecting our country,” says CEO Corey Winograd.
Since 2003, WWP has grown its lifesaving programs and services to meet the growing needs of the constituency it serves. Currently, WWP provides support to more than 80,000 injured service members and over 13,000 caregivers and family support members through 20, free programs and services. These programs and services are uniquely structured to engage warriors, nurture their minds and bodies, and encourage economic empowerment. Through a high-touch and interactive approach, WWP’s vision is to foster the most successful, well-adjusted generation of wounded service members in our nation’s history.
“We’re extremely grateful for BurgerFi’s energetic support of the Wounded Warrior Project mission to honor and empower Wounded Warriors,” said Gary Corless, executive vice president of Strategic Giving at WWP. “Their generous spirit gives us the critical resources we need to provide the 20 life-saving programs and services, free of charge, to the injured veterans, caregivers and families we serve.”
Through its #VeteransDayIs social campaign, WWP is encouraging Americans to support injured veterans by posting what #VeteransDayIs to them. Supporters can get involved through various social platforms, including Facebook, Twitter, Instagram, Periscope, and Google+.
Available while supplies last, BURGERFI will be distributing Proud Supporter decals, lapel pins, and BURGERFI Support Our Troops wrist bands, at all stores. All BURGERFI locations will participate in this November long program while encouraging customers to donate to WWP in honor of Veteran’s Day. Donations will be taken in person at all locations or visit www.supportwwp.org/burgerfi to make an electronic donation.
About Wounded Warrior Project
The mission of Wounded Warrior Project® (WWP) is to honor and empower Wounded Warriors. WWP’s purpose is to raise awareness and to enlist the public’s aid for the needs of injured service members, to help injured servicemen and women aid and assist each other, and to provide unique, direct programs and services to meet their needs. WWP is a national, nonpartisan organization headquartered in Jacksonville, Florida. To get involved and learn more, visit woundedwarriorproject.org.
Established in 2011, BURGERFI is among the nation’s fastest-growing restaurant chains, with 79 restaurants in the U.S. and expansion now underway in Mexico, Panama, and the UK.”. The better burger concept was founded by gourmet chefs committed to serving fresh food of the highest quality. Dissatisfaction with what was happening in the burger market at the time, fast food and their lackluster offerings inspired the launch of The Better Burger Concept. BURGERFI uses only 100% natural Angus beef patties and ensures no steroids, antibiotics, growth hormones, chemicals or additives are ever used. BURGERFI’s made-in-house menu favorites include the VegeFi burger, Vienna and Kobe-style hot dogs, hand-cut French fries and onion rings, frozen custard, and natural sugar cane sodas. BURGERFI has been recognized as #185 on Inc. 500 List of “Fastest-Growing Private U.S. Companies”, Top 50 “Movers & Shakers” by Fast Casual.com, “Top Brands of 2014” by Fast Casual.com, “#1 Fastest Growing Company” by Technomic in 2013, and “Franchise of the Year” by QSR Magazine in 2013. Less burger joint, more five-star restaurant, there are no shortcuts at BURGERFI – or microwaves, freezers or heat lamps, with all recipes created from natural, fresh ingredients that require team members to cut chop, mix and prepare daily. For franchising and other information, visit www.burgerfi.com or follow @BURGERFI on Twitter and Facebook at www.facebook.com/burgerfi.
For more information on BURGERFI, a full list of locations and menu, please visit www.burgerfi.com.


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Speaking this week to analysts about the wholesale club’s quarterly earnings, Costco chief financial officer Richard Galanti answered a question about the company’s philosophy on the cheap chickens.
“I can only tell you what history has shown us: When others were raising their chicken prices from $4.99 to $5.99, we were willing to eat, if you will, $30 to $40 million a year in gross margin by keeping it at $4.99,” he explained, according to the Seattle Times. “That’s what we do for a living.”
In 2014, Costco sold 76 million of these chickens, just about one per club cardholder. Just like the $1.50 hot dog and soda combo (and other low-priced menu items) at the Costco in-store snack bars, they appear to be helping to get customers in the doors where they can make purchases on higher-margin items.
The price of chicken has remained flat in the last year, but that might change due to a recent outbreak in avian flu, though many of the chickens that have died or been euthanized were raised for egg production.


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Analysts forecast that Williams-Sonoma, Inc. (NYSE:WSM) will announce $1.61 earnings per share for the current fiscal quarter, Zacks Investment Research reports. Ten analysts have issued estimates for Williams-Sonoma’s earnings, with the lowest EPS estimate coming in at $1.54 and the highest estimate coming in at $1.65. Williams-Sonoma posted earnings per share of $1.55 in the same quarter last year, which would indicate a positive year-over-year growth rate of 3.9%. The firm is expected to announce its next earnings results on Wednesday, March 21st.
According to Zacks, analysts expect that Williams-Sonoma will report full year earnings of $3.54 per share for the current fiscal year, with EPS estimates ranging from $3.48 to $3.58. For the next fiscal year, analysts anticipate that the business will report earnings of $3.70 per share, with EPS estimates ranging from $3.50 to $3.86. Zacks’ earnings per share calculations are an average based on a survey of sell-side research firms that follow Williams-Sonoma.
Williams-Sonoma (NYSE:WSM) last issued its quarterly earnings results on Thursday, November 16th. The specialty retailer reported $0.84 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.84. Williams-Sonoma had a net margin of 5.94% and a return on equity of 25.45%. The company had revenue of $1.30 billion for the quarter, compared to analyst estimates of $1.29 billion. During the same period in the prior year, the firm earned $0.78 earnings per share. The business’s revenue for the quarter was up 4.3% compared to the same quarter last year.
WSM has been the topic of a number of recent research reports. TheStreet upgraded shares of Williams-Sonoma from a “c+” rating to a “b-” rating in a research note on Monday, October 9th. Goldman Sachs Group dropped their price target on shares of Williams-Sonoma from $58.00 to $57.00 and set a “buy” rating on the stock in a research note on Thursday, August 24th. Zacks Investment Research upgraded shares of Williams-Sonoma from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research note on Wednesday, August 16th. SunTrust Banks reiterated a “buy” rating and issued a $62.00 price target on shares of Williams-Sonoma in a research note on Tuesday, October 17th. Finally, Morgan Stanley dropped their price target on shares of Williams-Sonoma from $50.00 to $48.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 24th. Six analysts have rated the stock with a sell rating, eighteen have issued a hold rating and four have issued a buy rating to the stock. Williams-Sonoma currently has an average rating of “Hold” and a consensus target price of $51.39.
A number of large investors have recently added to or reduced their stakes in WSM. Ffcm LLC purchased a new position in shares of Williams-Sonoma in the third quarter valued at $125,000. Alpha Omega Wealth Management LLC increased its position in shares of Williams-Sonoma by 828.3% in the second quarter. Alpha Omega Wealth Management LLC now owns 2,785 shares of the specialty retailer’s stock valued at $135,000 after buying an additional 2,485 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Williams-Sonoma by 10.4% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,911 shares of the specialty retailer’s stock valued at $141,000 after buying an additional 274 shares in the last quarter. IFP Advisors Inc increased its position in shares of Williams-Sonoma by 39.8% in the second quarter. IFP Advisors Inc now owns 2,945 shares of the specialty retailer’s stock valued at $143,000 after buying an additional 838 shares in the last quarter. Finally, Franklin Resources Inc. purchased a new position in shares of Williams-Sonoma in the second quarter valued at $182,000. Hedge funds and other institutional investors own 96.62% of the company’s stock.
Shares of Williams-Sonoma (WSM) opened at $53.24 on Monday. Williams-Sonoma has a one year low of $42.68 and a one year high of $56.57. The firm has a market cap of $4,481.48, a P/E ratio of 15.17, a P/E/G ratio of 1.98 and a beta of 0.89.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, November 22nd. Shareholders of record on Friday, October 27th were given a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 2.93%. The ex-dividend date was Thursday, October 26th. Williams-Sonoma’s payout ratio is 44.19%.
Williams-Sonoma Company Profile
Williams-Sonoma, Inc is a multi-channel specialty retailer of products for the home. The Company operates retail stores in the United States, Canada, Puerto Rico, Australia and the United Kingdom. It operates through two segments: e-commerce and retail. The e-commerce segment has various merchandising strategies, such as Williams-Sonoma, Pottery Barn, Pottery Barn Kids, West Elm, PBteen, Williams-Sonoma Home, Rejuvenation and Mark and Graham, which sell its products through the Company’s e-commerce Websites and direct-mail catalogs.
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